It was announced today that Christine Johnson, manager of the Old Mutual Corporate Bond fund would be stepping down and passing management of the fund to Lloyd Harris. Ms Johnson was recently promoted to Head of Fixed Income at Old Mutual, and will be concentrating on this role as well as the management of other Old Mutual bond funds, including the Global Strategic Bond fund. Mr Harris joined Old Mutual Global Investors in 2012 as a Senior Credit Analyst focusing on the financial sector, before being promoted to co-manager of the Corporate Bond fund earlier this year. He has 14 years of industry experience and whilst we believe Mr Harris to be a very competent credit analyst, his inexperience in managing money and short track record as lead portfolio manager, means that for the time being we prefer to remove the fund from our Academy. We will continue to monitor his progress going forward.